0000310522-25-000424.txt : 20250522 0000310522-25-000424.hdr.sgml : 20250522 20250522090533 ACCESSION NUMBER: 0000310522-25-000424 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20250522 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20250522 DATE AS OF CHANGE: 20250522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE CENTRAL INDEX KEY: 0000310522 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] ORGANIZATION NAME: 02 Finance EIN: 520883107 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50231 FILM NUMBER: 25974922 BUSINESS ADDRESS: STREET 1: MIDTOWN CENTER STREET 2: 1100 15TH ST, NW CITY: WASHINGTON STATE: DC ZIP: 20005 BUSINESS PHONE: 800-232-6643 MAIL ADDRESS: STREET 1: MIDTOWN CENTER STREET 2: 1100 15TH ST, NW CITY: WASHINGTON STATE: DC ZIP: 20005 FORMER COMPANY: FORMER CONFORMED NAME: FEDERAL NATIONAL MORTGAGE ASSOCIATION DATE OF NAME CHANGE: 19950110 8-K 1 fnm-20250522.htm 8-K fnm-20250522
X10000310522falseFEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE00003105222025-05-222025-05-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 22, 2025
 
Federal National Mortgage Association
(Exact name of registrant as specified in its charter)
 Fannie Mae
Federally chartered corporation0-5023152-08831071100 15th Street, NW800232-6643
Washington,DC20005
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)		(Address of principal executive offices, including zip code)(Registrant’s telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      ☐


Item 7.01 Regulation FD Disclosure.
Fannie Mae announced on May 22, 2025 that it has commenced fixed-price cash tender offers (each, an “Offer” and, collectively, the “Offers”) for the purchase of certain Connecticut Avenue Securities® (CAS) Notes. The Offers are being conducted upon the terms and subject to the conditions set forth in an offer to purchase and related notice of guaranteed delivery, each dated as of May 22, 2025. The Offers will expire at 5:00 p.m. New York City time on Thursday, May 29, 2025 unless extended or earlier terminated.
Attached as Exhibit 99.1 and incorporated by reference herein is a press release announcing the Offers. The information in this report, including information contained in the exhibit submitted with this report, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to Fannie Mae, except to the extent, if any, expressly incorporated by specific reference in that document.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being submitted with this report:
 
Exhibit NumberDescription of Exhibit
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
                     
FEDERAL NATIONAL MORTGAGE ASSOCIATION
By/s/ Thomas L. Klein
Thomas L. Klein
 Enterprise Deputy General Counsel— Vice President
Date: May 22, 2025

 EX-99.1 2 tenderofferrelease5222025.htm EX-99.1 Document
image_0.jpg
Exhibit 99.1

Fannie Mae Announces Tender Offer for Any and All of Certain CAS Notes

WASHINGTON, DC – May 22, 2025 – Fannie Mae (FNMA/OTCQB) today announced that it has commenced fixed-price cash tender offers (each, an “Offer” and, collectively, the “Offers”) for the purchase of any and all of the Connecticut Avenue Securities® (CAS) Notes listed below (the “Notes”), upon the terms and subject to the conditions set forth in the Offer to Purchase and related Notice of Guaranteed Delivery, each dated as of May 22, 2025 (collectively, the “Offer Documents”). Certain of the classes of Notes subject to the Offers were issued by the REMIC trusts identified in the table below (each, a “Trust”). Fannie Mae is the holder of the owner certificate issued by each Trust and, as a result, the sole beneficial owner of each Trust. The Offers will expire at 5:00 p.m. New York City time on Thursday, May 29, 2025 (the “Expiration Time”) unless extended or earlier terminated. Notes tendered may be withdrawn at any time at or before the Expiration Time by following the procedures described in the Offer Documents.

Fannie Mae has engaged BofA Securities as the designated lead dealer manager and Wells Fargo Securities as the designated dealer manager for the Offers. Global Bondholder Services Corporation will serve as the tender agent and information agent for the Offers. Fannie Mae is offering to purchase, subject to the conditions of the Offers, any and all of the Notes listed in the table below.

The following table summarizes the material pricing terms of the Offers.

Name of SecurityREMIC Trust (if applicable)CUSIPISINOriginal Principal Balance*Tender Offer Consideration (per $1,000 original principal amount)
Connecticut Avenue Securities, Series 2017-C01, Class 1M-2 NotesN/A30711XEP5US30711XEP50$118,854,281.00$1,035.70
Connecticut Avenue Securities, Series 2017-C02, Class 2M-2 NotesN/A30711XGP3US30711XGP33$25,780,837.00$1,042.90
Connecticut Avenue Securities, Series 2017-C02, Class 2B-1 NotesN/A30711XGQ1US30711XGQ16$102,914,000.00$1,083.70
Connecticut Avenue Securities, Series 2017-C04, Class 2M-2 NotesN/A30711XLT9US30711XLT99$21,494,381.00$1,034.30
Connecticut Avenue Securities, Series 2017-C05, Class 1M-2 NotesN/A30711XNX8US30711XNX83$94,757,590.00$1,024.40
Connecticut Avenue Securities, Series 2017-C05, Class 1B-1 NotesN/A30711XNW0US30711XNW01$51,530,558.00$1,057.50
Connecticut Avenue Securities, Series 2017-C06, Class 1B-1 NotesN/A30711XQW7US30711XQW73$44,547,596.00$1,071.90

© 2025 Fannie Mae     5.2025 1

Connecticut Avenue Securities, Series 2017-C07, Class 1M-2 NotesN/A30711XUX0US30711XUX01$34,310,097.00$1,030.40
Connecticut Avenue Securities, Series 2018-C01, Class 1B-1 NotesN/A30711XYW8US30711XYW81$60,864,671.00$1,068.70
Connecticut Avenue Securities, Series 2018-C03, Class 1M-2 NotesN/A30711XJ70US30711XJ702$9,520,000.00$1,027.70
Connecticut Avenue Securities, Series 2018-C03, Class 1B-1 NotesN/A30711XJ62US30711XJ629$99,111,000.00$1,080.00
Connecticut Avenue Securities, Series 2018-C05, Class 1M-2 NotesN/A30711XY24US30711XY248$108,649,613.00$1,035.30
Connecticut Avenue Securities, Series 2018-C06, Class 1B-1 NotesN/A30711X3M4US30711X3M42$64,944,000.00$1,091.30
Connecticut Avenue Securities, Series 2019-R03, Class 1B-1 NotesConnecticut Avenue Securities Trust 2019-R0320753MAE8US20753MAE84$153,095,000.00$1,068.00
Connecticut Avenue Securities, Series 2022-R03, Class 1M-1 NotesConnecticut Avenue Securities Trust 2022-R0320753XAA2US20753XAA28$484,882,000.00$1,016.30
Connecticut Avenue Securities, Series 2022-R04, Class 1M-1 NotesConnecticut Avenue Securities Trust 2022-R0420753YCH3US20753YCH36$415,412,000.00$1,014.70
$1,890,667,624.00
*Represents the aggregate original principal amount of the applicable Class issued on the issue date thereof, less the aggregate original principal amount of such Class repurchased by the Company pursuant to one or more prior tender offers, if applicable. Does not include the original principal balance of the ineligible securities.

Holders must validly tender their Notes at or before the Expiration Time in order to be eligible to receive the Tender Offer Consideration, which will incorporate the monthly Certificate Percentages available on May 27, 2025. In addition, holders whose Notes are purchased in the Offers will receive accrued and unpaid interest from the last interest payment date to, but not including, the Settlement Date (as defined in the Offer to Purchase) for the Notes. Fannie Mae expects the Settlement Date to occur on June 2, 2025. Any Notes tendered using the Notice of Guaranteed Delivery and accepted for purchase are expected to be purchased on June 3, 2025, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date.

Information on tendering the Notes is set forth in the Offer Documents. Holders of the Notes who would like copies of the Offer Documents may contact the tender agent for the Offers, Global Bondholder Services Corporation, at (855) 654-2015 (toll free) or (212) 430-3774 (banks and brokers) or contact@gbsc-usa.com. Copies of the Offer Documents are available at the following website: https://www.gbsc-usa.com/FannieMae/. Any questions regarding the terms of the Offers should be directed to BofA Securities, Inc. at (888) 292-0070 (toll free) or (980) 387-3907 (collect) or Wells Fargo Securities, LLC at (866) 309-6316 (toll free) or (704) 410-4820 (collect).

This release includes forward-looking statements, including statements relating to the timing and expected settlement and closing of the purchase of the Notes in a tender offer. These forward-looking statements are based on Fannie Mae’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may turn out to be different from these statements. Factors that may lead to different results are discussed in "Risk Factors," “Forward-Looking Statements,” and elsewhere in the Offer Documents and the documents incorporated
© 2025 Fannie Mae     5.2025 2

by reference therein. All forward-looking statements are made as of the date of this press release, and Fannie Mae assumes no obligation to update this information.
Related Link:
CAS Notes Tender Offer Frequently Asked Questions
Follow Fannie Mae
fanniemae.com
Media Contact
Matthew Classick
202-752-3662
Fannie Mae Newsroom
https://www.fanniemae.com/news
Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE


###

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae, including the Notes. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase or sale of securities referred to herein must be made solely on the basis of information contained in the Offer Documents, and no reliance may be placed on the completeness or accuracy of the information contained in this press release. The Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by BofA Securities, Inc. or Wells Fargo Securities, LLC (as applicable) or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

Connecticut Avenue Securities is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.
© 2025 Fannie Mae     5.2025 3
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